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Results
17-May-16
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Analysis
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Honeywell Automation India
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Sales and profit jump from a low base
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Honeywell Automation India reported a 30% increase in net sales to Rs 564.83 crore for Mar'16 quarter. OPM was higher by 180 bps to 7.3%, thus resulting OP of Rs 41.15 crore for Mar'16 quarter, up by 74%. Other income was down by 7% to Rs 6.59 crore. PBIDT thus was up by 55% to Rs 47.74 crore. Interest costs stood at Rs 23 lakh. After providing depreciation of Rs 4.01 crore up by 8% YoY, PBT stood at Rs 43.50 crore, up by 63%. There was an EO expense of Rs 13.92 crore for Mar'15 quarter, due to recognition of costs on some of the previous projects, not being recognized during that period, as compared to Nil for quarter ended Mar'16. Thus, PBT after EO stood at Rs 43.50 crore, up by 241% YoY. After providing total tax of Rs 15.52 crore, up by 175% on YoY basis, PAT for the Mar'16 quarter stood at Rs 27.98 crore, up by 294% YoY.
Performance for 12 months ended Mar'16
FY 15 financials are for 15 months and hence not comparable on YoY basis with the financials of FY'16 which are for 12 months period. Honeywell Automation India reported net sales of Rs 2187.62 crore for the year ended Mar'16. OPM stood at 9.8%, thus resulting OP of Rs 214.09 crore for 12 months ended Mar'16. Other income stood at Rs 23.33 crore. PBIDT thus stood at Rs 237.42 crore. Interest costs stood at Rs 38 lakh. After providing depreciation of Rs 15.40 crore, PBT stood at Rs 221.64 crore. After providing total tax of Rs 83.13 crore, PAT for the 12 months ended Mar'16 stood at Rs 138.51 crore.
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